本文从风险管理的视角对企业效率评估的数据包络分析技术进行了改进,探讨了风险管理与经营效率的内在关联,并以中国保险业为例,对1999年以来企业真实的经营效率水平进行了评估。结果表明:企业内部的风险管理能力对其经营效率水平的提升具有明显的影响,而且这种影响力正在逐渐加强。不考虑企业内部的风险管理水平将直接导致其经营效率的测算结果出现低估,2002年以后这种低估的程度越发明显,这可归因于同期保险企业开始逐渐重视提高自身的风险管理能力。以上结论也为企业如何在管控风险的同时提升经营效率水平提供了有价值的指导。 This paper improves the data envelopment analysis technology of enterprise efficiency assessment from the perspective of risk management and explores the inherent relationship between risk management and operational efficiency. Taking China’s insurance industry as an example, this paper analyzes the true business efficiency of enterprises since 1999 Evaluation. The results show that: the risk management ability of the enterprise has a significant impact on the improvement of its operating efficiency level, and this influence is gradually strengthened. Regardless of the level of risk management within an enterprise, this will directly lead to the underestimation of its operating efficiency. This level of undervaluation will become more apparent after 2002, which is attributable to the fact that insurance companies are beginning to attach importance to improving their risk management capabilities over the same period. The above conclusions also provide valuable guidance for enterprises on how to improve their operational efficiency while controlling risks.